You're correct. It is a known issue that in some machines, the example finder is hanging when you launch it from CVI. Sometimes the problem only happens the first time you launch it, but we've also seen it happen more than once.
This is being fixed in an upcoming CVI 8.5 maintenance release.
The example finder was not intended to be launched as a standalone app, because it relies on a messy set of command line options in order to differentiate whether it is being used for CVI or for LabVIEW, among other things. However, given that you're stuck not being able to use it until the bug is fixed, I can provide you with the command line that you need to pass to it if you're going to run it standalone:
""C:\Program Files\National Instruments\Shared\Example Finder\1.0\bin\NIExampleFinder.exe" -- cvi 8.5 locale,en denyfolders,cvibuild.:cvidistkit.:.lnk "browsepaths,C\Documents and Settings\All Users\Documents\National Instruments\CVI85\samples:C\Documents and Settings\All Users\Documents\National Instruments\CVI\samples:C\Program Files\National Instruments\CVI85\samples""
I used the default installation locations, so do make sure that these paths are also the same in your case.
Luis